Int'l Tower's Livengood has 201.7 Mt at 1.07 g/t Au I
International Tower Hill Mines Ltd (C:ITH)
Shares Issued 65,892,923
Last Close 6/15/2010 $6.70
Wednesday June 16 2010 - News Release
Mr. Jeffrey Pontius reports
INTERNATIONAL TOWER HILL ANNOUNCES RESOURCE UPDATE, LIVENGOOD GOLD PROJECT, ALASKA
International Tower Hill Mines Ltd. (ITH) has released the results of the independently prepared June, 2010, in situ mineral resource estimate for the Livengood gold project near Fairbanks, Alaska (see accompanying table entitled, "June, 2010, Livengood resources"). The independent study incorporates all drill results received through May 25, 2010, a total of 420 diamond and reverse circulation holes, totalling 121,212 metres. This resource update, calculated at a 0.7 g/t cutoff grade which the Company envisions as a possible milling cut-off grade, expands the size of the deposit and increases the average grade, thereby highlighting the growing economic potential of the Livengood gold system.
The June, 2010 in-situ updated resource estimate will form the basis of the Company's ongoing combined mill - heap leach Preliminary Economic Assessment (PEA) anticipated for release in Q3 2010. The Summer 2010 drill program at Livengood is currently underway utilizing five drills (two diamond and three reverse circulation) for a planned total of 45,000 metres.
Updated Livengood Resource Estimate
Using a 0.7 g/t gold cut-off, the Indicated Resource is 6.9M ounces of gold (an increase of almost 19% from the January 2010 estimated resource) and the average grade has increased 9% to 1.07 g/t gold from 0.98 g/t gold (Table 1).
In addition, the indicated ounces at a 0.5 g/t gold cut off have increased by 17 % to 10.9 M ounces gold from 9.3M ounces of gold, and the average grade has increased 6 % to 0.83 g/t gold from 0.78 g/t gold (Table 2). Using a 0.3 g/t gold cut-off grade, which is approximately the average grade for the heap leach described in the Company's November, 30, 2009 heap leach PEA study, the Indicated Resource is 15.7M ounces of gold at an average grade of 0.62 g/t gold, with an additional Inferred Resource of 4M ounces of gold at an average of 0.55 g/t gold (Table 3).
Jeff Pontius, President and CEO of ITH, stated, "We are highly encouraged by the latest resource update, which includes results of the winter drill program at Livengood. The estimated resource now incorporates our expanding and higher grade SW Zone, while the deposit remains open in several directions. The latest resource data, as well as infill results between the Sunshine and Core Zones, are expected to have a positive impact on our ongoing mine design work. Our new combined mill-heap leach concept should benefit from the higher grades in this new resource estimate as we aggressively work to advance the project down the production path."
Five drills have been deployed for the Summer 2010 program, with the objectives of expanding the resource, improving confidence in the high grade areas of the deposit, and gathering data for metallurgical, hydrological and geotechnical studies. A major soil survey is also planned to cover the northeast extension of the mineralized trend with the objective of delineating drill targets for exploration in the late fall and winter.
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